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European economy 9th March 2024

Caixabank CEO says bank taxes are brake on further consolidation of European banking sector

Link Securities| At a round table organised by the Bank of Spain (BdE) to celebrate ten years of the Single Supervisory Mechanism, the CEO of Caixabank (CABK), Gonzalo Gortázar, told the main financial supervisors that taxes on banking are a brake that does not help further consolidation of the European banking sector, as reported on Wednesday by Expansión. “In the last eleven years, the bank’s return on capital has been…

European economy 8th March 2024

ECB leaves open the possibility of interest rate cuts

Mirabaud: To no one’s surprise, the European Central Bank (ECB) has decided to keep official interest rates unchanged and has sent out a clearly pessimistic message. Inflation is expected to fall more than expected – it may not even reach 2% in 2026 – and economic growth is expected to be very limited: according to the latest ECB forecasts, gross domestic product (GDP) will grow by barely 0.6% this year….

European economy 7th March 2024

Telefónica launches delisting takeover bid for the 5.65% stake in Telefónica Deutschland it failed to secure in previous bid

Norbolsa | Telefónica (TEF) has launched a delisting tender offer to acquire the shares of Telefónica Deutschland that are not owned by Telefónica representing approximately 5.65% of the share capital and voting rights. The delisting offer will be formulated as a tender offer and will not be subject to any conditions. The offered price per share is €2.35, which is an attractive price that yesterday closed at €2.34/share. Upon delisting,…

European economy 6th March 2024

Germany’s trade balance rebounds in January to €27.5 billion from €22.4 billion previously thanks to exports

Bankinter: The German Trade Balance surprises on the upside and rebounds again in the month – Trade Balance (January): €27.5bn versus €21bn expected and €22.4bn previous (revised from €22.2bn); Exports: +6.3% month-on-month against +1.5% expected and -4.2% previous (revised from -4.6%); Imports: +3.6% compared to +1.8% expected and -6.5% previous (revised from -6.7%). Assessment: Both components, Exports and Imports, beat expectations in January. However, this improvement is the result of…

European economy 4th March 2024

New signs Portuguese economy is holding up better than expected thanks to labour market and fall in CPI

Bankinter: Good data battery for the Portuguese economy. (i) CPI (Feb): +2.1% year-on-year against +2.3% previously; Underlying: +2.2% versus +2.4% previously. (ii) Unemployment rate (Jan): 6.5% compared to 6.6% previously. (iii) Final GDP (4Q 2023): +2.2% year-on-year against +2.2% preliminary and +1.9% in Q3; In the quarter: +0.8% quarter-on-quarter versus +0.8% preliminary and -0.2% in Q3. Analysis: New signs of an economy that is holding up better than expected, supported…

European economy 29th February 2024

Vidrala sells Italian subsidiary to Veralia for €230m to reduce debt

Intermoney| Vidrala (Hold, PO 94) yesterday informed the National Securities Market Commission (CNMV) that it has reached an agreement with Veralia for the sale of its Italian subsidiary for €230mn (7x EBITDA) of which 100% would be cash for Vidrala, obtaining capital gains of €100mn. Vidrala Italia achieved sales of €131mn in 2023 (8% of Vidrala’s total) and EBITDA of €33mn (mgn 25%). Approval is pending from the Italian competition…

European economy 29th February 2024

Eurozone money supply remains stagnant, but shows signs of stabilisation

BancaMarch : In January, M3 grew by +0.1% year-on-year, a tenth of a percentage point less than in the previous month but already far from the -1.3% fall recorded in August last year. More relevant is the evolution of loans, which if we look at those to households continued to decelerate by one-tenth of a point to +0.3% year-on-year, while loans to non-financial companies slowed to +0.2% from +0.5% (a…

European economy 28th February 2024

Lagarde points to broader Capital Markets Union and venture capital to promote energy transition

Banca March| Christine Lagarde has spoken out on independence and investment strategies in the eurozone. On the one hand, she stressed the need to be more self-sufficient in energy, by boosting investment in renewable energies such as green hydrogen and a smart grid system. The leader of the ECB provided numbers that would favour greater progress: 620,000 million euros per year in climate objectives and 125,000 million in the digital…

European economy 28th February 2024

Company and household credit frozen in eurozone

Link | The European Central Bank (ECB) published yesterday that in the Eurozone the monetary aggregate M3 rebounded 0.1% year-on-year in January (+0.2% in December), below the 0.3% increase expected by FactSet analysts. In addition, and also according to ECB data, bank lending to households in the euro area increased by 0.3% at a year-on-year rate in January (+0.4% in December) to €6.87 billion, slightly less than the 0.4% increase…

European economy 27th February 2024

Utilities have lower positioning in both European and international funds; Iberdrola one of 35 companies with lowest position in Europe

Morgan Stanley| The SX6P has had the worst start in relative terms since 1986 (-10% versus SXXP YTD) as a result of the fall in energy prices. Last week our strategy team published an update of the European sector positioning tracker and one of the conclusions is that Utilities is one of the sectors with the lowest positioning by both European and International Funds. ENEL, National Grid and Iberdrola are…

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